Hostess wins OK to shutter company, sell off Twinkies, other brands

4:31 PM,
Nov. 21, 2012

Hostess Brands Inc. CEO Greg Rayburn talks with the media outside the federal courthouse in White Plains Wednesday after a bankruptcy judge approved a plan to liquidate the company and sell off its brands.

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A federal bankruptcy judge today approved Hostess Brands Inc. plan to wind down operations, paving the way for the baking giant to liquidate the company and sell off its iconic brands including Twinkies, Wonder Bread and Ding Dongs.

The decision by Judge Robert Drain came a day after the 82-year-old company and union failed to make progress in talks he ordered.

Hostess CEO Greg Rayburn said after today's four-hour hearing that the Irving, Texas-based company could now terminate about 15,000 workers so they could file for unemployment. About 3,200 employees will remain with the company for ...